风口IPO丨3年亏损2.38亿元，翼菲科技递表港交所

Core Viewpoint - Yifei Technology is attempting to go public on the Hong Kong Stock Exchange under Chapter 18C, despite facing significant financial challenges, including a net loss of 238 million yuan over three years and a cash reserve of only 22.9 million yuan [2][3][7]. Financial Concerns - Yifei Technology's revenue has shown steady growth from 162 million yuan in 2022 to 268 million yuan in 2024, with a compound annual growth rate of 28.5%, surpassing the industry average growth rate of 14.2% [3]. - The company has incurred net losses of 57.55 million yuan, 111 million yuan, and 71.49 million yuan over the same period, totaling 238 million yuan [3]. - As of the end of 2024, the company's cash and cash equivalents are only 22.9 million yuan, raising concerns about its cash flow situation [3][4]. Accounts Receivable Issues - The accounts receivable turnover days have increased from 46 days to 120 days, leading to a significant rise in accounts receivable from 28.1 million yuan to 138 million yuan, a staggering increase of 392% [4]. - The prolonged collection period has resulted in a cash flow crunch, further exacerbating the company's financial difficulties [4]. Inventory Challenges - Yifei Technology has maintained high inventory levels above 120 million yuan over the past three years, reaching 140 million yuan in 2024, with turnover days decreasing from 390 days to 241 days, still above healthy levels [4]. IPO Strategy - The company is leveraging Chapter 18C, which relaxes listing requirements for unprofitable tech companies, providing a unique opportunity for Yifei Technology to go public despite its lack of profitability [5]. - Yifei Technology has established a comprehensive technology system integrating intelligent decision-making, environmental perception, precise control, and autonomous movement, positioning itself as a strong player in the robotics sector [5]. Valuation and Funding - Yifei Technology has completed over 10 rounds of financing, with a valuation set at 3.604 billion yuan, which will serve as the pricing benchmark for its IPO [6]. - The funds raised from the IPO will primarily be used for technology research and development, production capacity expansion, and overseas business network development [6]. Competitive Landscape - The company faces three main challenges in its IPO process: ongoing cash flow issues, intense competition in the Chapter 18C listing space, and pressure from international competitors like Fanuc and ABB [7]. - If successful in its IPO, Yifei Technology could become the first stock in the light industrial robotics sector on the Hong Kong Stock Exchange, potentially enhancing its financing and technological upgrade capabilities [7].